Cypress Semiconductor Proposes To Buy Integrated Silicon Solution For $19.75/shr

(RTTNews) - Cypress Semiconductor Corp. (CY) said in a letter that it formally conveyed its proposal to acquire 100% of the outstanding shares of common stock of Integrated Silicon Solution Inc. (ISSI) for $19.75 per share in cash. The board of directors of Cypress has approved this proposal.

Cypress noted that its proposal is superior to the $19.25 per share sale price ISSI agreed to in the Agreement and Plan of Merger entered into with the "Consortium" on March 12, 2015.

"We would have preferred to participate in your sale process, but were not contacted. As such, we are submitting this proposal in accordance with the Consortium Merger Agreement. In light of the circumstances, we are simultaneously releasing this letter to the public as we believe that it is in the best interest of ISSI and its shareholders to have full information regarding our proposal," Cypress Semiconductor said.